"There is concern that Dubai may experience yet another
bubble, however there are numerous variations this time around that makes for a
'smarter' marketplace," Craig Plumb, Head of Investigation, JLL Mena, said
at a media meet in Dubai used to produce their best 2014 tendencies for UAE
real estate market.
"Some of those distinctions are that investors tend to
be more mindful, rules and regulations are better, developers are much less reliant
on pre-revenue and substantial levels of new supply. “He added that though rise
in prices of apartment and villas in Dubai was "unreasonable" in
2013, the speed of increase will slow down this yr." There won't be any
correction this season," he stressed.
The Dubai Land Department ( DLD ) figures shown genuine
property transactions grew by 53 per to Dh236 billion from Dh154 million in
2013 with Indians, Britons and Pakistanis topping the set of expatriate buyers.
Property registration fees were increased by dld in October
2013 from two per cent to four percent of the property value. More rules to
control flipping will likely be released in coming weeks "We do not expect
prices of villas in Dubai to mix 22% this year. Lease raises will likely be
below the 1-7 per cent amount seen a year ago," Plumb stated.
United Kingdom-based Knight Frank had already stated Dubai
will be the leader in the list for worldwide towns that can witness
double-digit cost growth in 2014 with prices soaring by 10 to 15% in 2014
powered by Expo 2020 advancement and buyer incentives.
Though in its Q4 2013 report, JLL had called that 28,000 new
units will soon be released, Plumb said that realistically these were
anticipating conclusion of just 20,000 fresh units this year as some projects
may get delayed. Inquired what factors could lead to a "modification if
probably" in the marketplace, Plumb directed to outside and internal
factors.
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